AUSTRALIA DEBT CALCULATOR

Debt Consolidation Calculator Australia

Compare your existing debts with a consolidated loan and estimate your monthly payment, total interest and potential savings.

Your Existing Debts

Enter the debts you are considering consolidating.

Debt 1 Credit Card
$
%
$
Debt 2 Personal Loan
$
%
$
Debt 3 Car Loan
$
%
$
Debt 4 Optional
$
%
$
Debt 5 Optional
$
%
$

New Consolidation Loan

% p.a.
$
ESTIMATED MONTHLY PAYMENT $0
LOAN TERM —
Current Monthly Payments $0
Monthly Payment Change $0
Current Debt $0
New Loan Amount $0

Current Debt vs Consolidation

Existing Debts $0 Estimated remaining interest
→
Consolidated Loan $0 Estimated interest
Potential Interest Saving Based on the assumptions entered above
$0

Consolidation Summary

Compare the estimated cost of your current debts with the proposed consolidated loan.

Current Total Payments $0
New Total Payments $0
Current Interest $0
New Interest + Fee $0

Debt Interest Comparison

Consolidated Loan Amortisation Schedule

Estimated monthly payment, interest, principal and remaining balance.

Month Payment Interest Principal Remaining Balance
Important: This calculator provides estimates for educational purposes only. Actual debt consolidation costs may differ because lenders may charge application fees, establishment fees, ongoing fees, early repayment costs, different interest calculations or other charges. Consolidating debt may also extend the repayment period even when the monthly payment is lower. Compare the total cost, not only the monthly payment, before making a financial decision.

How to Use the Debt Consolidation Calculator Australia

Enter your existing debts, balances, interest rates and monthly payments. Then enter the proposed interest rate and term for a consolidation loan. The calculator estimates your new monthly repayment and compares the estimated interest and total repayment costs with your existing debts.

What Is Debt Consolidation?

Debt consolidation involves combining multiple debts into one repayment, usually through a new loan or financial product. Depending on the interest rate, fees and repayment term, combining debts may simplify repayments or potentially reduce interest costs. However, a lower monthly repayment can sometimes result in a higher total cost if the new loan has a longer term.

Is Debt Consolidation Worth It?

Debt consolidation may be worth considering when the new loan has a suitable interest rate and the total cost, including fees, is lower than the cost of the existing debts. It is important to compare both the monthly repayment and total amount paid over the complete loan term.

What Should You Compare?

When comparing consolidation options, consider the interest rate, comparison rate where applicable, establishment and ongoing fees, loan term, total repayment amount, early repayment conditions and whether secured or unsecured lending is involved. A lower monthly payment does not automatically mean a cheaper loan.

The Debt Consolidation Calculator Australia is a free online tool that helps you compare multiple existing debts with a potential consolidated loan. Enter your outstanding balances, interest rates and current monthly repayments for credit cards, personal loans, car loans or other debts, then add the proposed consolidation loan rate, term and any applicable fees. The calculator estimates your new monthly repayment, total interest, total repayment and potential savings compared with your existing debts. It also shows how the consolidation loan may affect your monthly cash flow and provides an estimated amortisation schedule. Debt consolidation can make repayments easier to manage, but a lower monthly repayment does not necessarily mean a lower overall cost. A longer loan term or additional fees can increase the total amount paid. Use this calculator as an educational comparison tool and check the lender’s actual interest rate, comparison rate, fees and loan terms before making a decision.

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